What are the major revisions to the estate and gift tax？
The major revisions include：
1. The tax structure was adjusted from 10 tax brackets （with the highest marginal tax rate of 50%）to a single flat rate of 10%.
2. The exemption under the Estate and Gift Tax Act was adjusted from NT$7,790,000 to NT$12,000,000 for the estate tax. There was also an adjustment of the annual exemption available for each donor from NT$1,110,000 to NT$ 2,200,000 for the gift tax.
3. The penalty which shall be imposed on a taxpayer who fails to submit a tax return in a timely manner was adjusted from “one to two times” to“ up to two times” of the tax payable, with the same adjustment also being made for the penalty imposed on a taxpayer who although submitting a tax return in a timely manner fails to report or under-report an item(s) of property.
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